AfDB calls on African countries to curb illicit financial flows
The AfDB wants more nations to join the Partnership on Illicit Finance.The president of the African Development Bank (AfDB), Akinwumi Adesina, said at a meeting last week in Lusaka that the institution is committed towards curbing illicit financial flows in Africa.
He called on African countries to develop national action plans to fight illicit finance, including the strengthening of policies that would support efficient administration to mitigate tax avoidance and evasion.
"With over $50 billion siphoned out of Africa through tax avoidance and evasion, we need to cooperate with countries in scrutinising financial transactions," he said, quoted by the Times of Zambia.
He added that such international cooperation is "cardinal" in curbing these illicit flows that have undermined Africa's growth and said that authorities need to be "accountable and transparent".
He urged African countries to join the Partnership on Illicit Finance, which was launched at the 2014 US-Africa Leaders Summit and includes Burkina-Faso, Kenya, Liberia, Mauritius, Niger, Senegal, Sierra Leone and the US.
The partnership seeks to join together committed countries to tackle corruption and develop strategies to eliminate opportunities for illicit finance to thrive.